Progressive (PGR) Stock Higher After Q2 Results
NEW YORK (TheStreet) -- Shares of Progressive (PGR) - Get Report are gaining 1.08% to $33.62 early Thursday morning after the insurance holding company reported higher-than-expected revenue for the 2016 second quarter.
Before today's market open, the Mayfield Village, OH-based company posted revenue of $5.79 billion, the Associated Press reports. Analysts were expecting revenue of $5.75 billion.
Earnings of 33 cents per share were in line with analysts' estimates.
Additionally, June net premiums earned $1.74 billion vs. $1.55 billion last year, while second quarter net premiums earned $5.56 billion compared to nearly $5 billion during the same period last year.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and notable return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PGR